Most of us know that if we have poor credit it is harder to buy a car or home. Do you know that it could cost you up to or more than a million dollars in extra interest and payments in a lifetime?
Here are some of the places you pay more with poor credit:
House loans, Car loans, Utility deposits, Personal and Business loans, Student loans, Car insurance, Health and Life Insurance, Credit cards and much more.
Those with a bad credit history may find that getting a checking account is harder and may pay ridiculous fees weekly just cashing their paychecks. Renting the apartment you want, in a good neighborhood, may also be a problem due to your credit history.
In addition to paying more in interest and qualifying for loans, Getting a job is also tied to your credit with more and more employers today. According to Forbes Magazine, in 2006, 42% of employers checked credit as a condition of hiring. These numbers will continue to go up each year.
Getting out of debt will be a never ending process when you are overcharged for every credit transaction. What's the solution?
Get the financial education that our schools failed to give us as children and young adults. The average high school graduate is unable to balance a checkbook and yet banks are pushing credit cards on that same student who has no clue how to manage his finances.
I would recommend books by Larry Burkett or checking out Crown Money management.
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